While the e-verification segment prints new records, KwikTrust is a pioneer in the use of blockchain-based tools in digital signatures
E-Verification refers to a process that allows signing of documents remotely through digital forms. It is a viable and easy-to-use alternative to physically signing documents, but adopting it faces dangerous obstacles in terms of security and censorship-resistance.
The rise of e-verification: why is it becoming mainstream?
By 2022, e-verification or signing of documents with digital signatures is becoming more and more popular. It eliminates the need for counterparties to meet “in real life” to sign documents. Plus, it meets strict standards of security and confidentiality.
The total addressable market (TAM) size for this segment is approximately $25 billion and is expected to grow from $4 billion in 2021 to $16.8 billion in 2026 with a CAGR of 33.1%, according to research conducted by Marketsandmarkets. is according to.
Today, the region is controlled by a few “centralised” unicorns. For example, DocuSign, a major vendor of e-verification services, accounts for a share of $23 billion by market capitalization.
However, “old-fashioned” centralized services are very vulnerable to data leaks: confidential information can be harvested by competitors, government agencies or hackers. This is why blockchains can be of use as a distributed decentralized database.
Introducing KwikTrust, a blockchain-based ecosystem for digital signatures
quicktrust is a decentralized (on-chain) e-verifier solution kit designed to address issues such as security risks, data inadequacies, low resource-efficiency etc. in the digital signature sector.
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— QuickTrust (@KwikTrust) February 25, 2022
At its core, KwikTrust provides the technical basis for signing contracts, agreements and other important documents in a secure and decentralized manner. KwikTrust supports various file formats: PDF, JPEG, PNG, DOCX, XLSX, PPT, MOV and MPV.
All processes on KwikTrust are supported by high-level due diligence procedures: they are as valid as physically signed contacts between legal entities, individuals, etc.
The results of these contracts are stored on the blockchain: they cannot be removed, destroyed or replaced by counterfeit data elements.
KwikTrust’s progress is supported by a group of high-profile market heavyweights such as YFDAI, IBM and the Founding Institute. YFDAI Finance also facilitates the integration of KwikTrust and its systems into a global decentralized finance (DeFi) ecosystem.
In addition, KwikTrust’s architecture includes a SuperNFT mechanism that is applicable for a variety of use cases such as finance, asset management, IP management, digital identity verification, etc.
KTX Token Goes Live on Tier 1 Exchanges
KwikTrust’s token, KTX, is a backbone element of the protocol’s tokenomics and liquidity ecosystem. KTX works as a governance and utility token for all enthusiasts of the KwikTrust protocol.
we are live!
trading on KTX @bitmart exchange,
Visit https://t.co/LUHTYVVUrM for a chance to buy! #ktxfuel of #SuperNFT, #cryptotrading #crypto news #nft community pic.twitter.com/OZKSSVDvcJ
— QuickTrust (@KwikTrust) 15 March 2022
KwikTrust is working on listing the KTX token on top-tier centralized cryptocurrency exchanges. To begin with, KwikTrust listed KTX on BitMart, a mainstream cryptocurrency trading platform. Trading in KTX-based pairs started on March 14, 2022.
KTX is also integrated into a SuperNFT mechanism as fuel for the minting of non-fungible tokens within KwikTrust.